Moneycontrol
SENSEX NIFTY
Sanghvi Movers | Auditor's Report > Engineering - Heavy > Auditor's Report from Sanghvi Movers - BSE: 530073, NSE: SANGHVIMOV
YOU ARE HERE > MONEYCONTROL > MARKETS > ENGINEERING - HEAVY > AUDITORS REPORT - Sanghvi Movers

Sanghvi Movers

BSE: 530073|NSE: SANGHVIMOV|ISIN: INE989A01024|SECTOR: Engineering - Heavy
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Sep 20, 15:01
142.60
-1.95 (-1.35%)
VOLUME 11,409
LIVE
NSE
Sep 20, 15:00
142.45
-2.3 (-1.59%)
VOLUME 38,174
Array
Mar 16
Auditor's Report (Sanghvi Movers) Year End : Mar '17

Report on the IND AS Financial Statements

We have audited the accompanying IND AS financial statements of Sanghvi Movers Limited (“the Company”), which comprise the Balance Sheet as at 31 March 2017, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended and a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the IND AS Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these Ind AS financial statements that give a true and fair view of the state of affairs (financial position), profit or loss (financial performance including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the IND AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these IND AS financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit of the IND AS financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the IND AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the IND AS financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the IND AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the IND AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the IND AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the IND AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid IND AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including the IND AS, of the state of affairs (financial position) of the Company as at 31 March 2017, and its profit (financial performance including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143 (3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required bylaw have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss, the Statement of Cash Flows and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid IND AS financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act.

e) On the basis of the written representations received from the Directors as on 31 March 2017 taken on record by the Board of Directors, none of the Directors is disqualified as on 31 March 2017 from being appointed as a Director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in “Annexure A”.

g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its IND AS financial statements - Refer Note 24 to the IND AS financial statements;

ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts. Refer to Note 16 to the IND AS financial statements;

iii. There has been no delay in transferring amounts, required to be transferred by the Company during the year to the Investor Education and Protection Fund by the Company; and

iv. The Company has provided requisite disclosures in the IND AS financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8 November, 2016 to 30 December, 2016 and these are in accordance with the books of account maintained by the Company. Refer to Note 29 to the IND AS financial statements.

Annexure B to the Independent Auditors’ Report - 31 March 2017

With reference to the Annexure referred to in paragraph 1 in Report on Other Legal and Regulatory Requirements of the Independent Auditors’ Report to the members of the Company on the Ind AS financial statements for the year ended 31 March 2017, we report that:

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The Company has a regular program of physical verification of its fixed assets by which its fixed assets are verified in a phased manner every year. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its fixed assets. No material discrepancies were noticed on such verification.

(c) The title deeds of the immovable properties are held in the name of the Company.

(ii) The inventory has been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable and there were no material discrepancies noted during such verification.

(iii) The Company has not granted any loans, secured or unsecured to companies, firms, limited liability partnerships or other parties covered in the register maintained under Section 189 of the Act. Accordingly, paragraph 3(iii) of the Order is not applicable to the Company.

(iv) According to the information and explanations given to us, the Company has not granted any loans, made any investments, or provided any guarantees, and security to which the provisions of Section 185 and 186 of the Companies Act, 2013 apply. Accordingly, paragraph 3(iv) of the Order is not applicable to the Company.

(v) The Company has not accepted any deposits in accordance with the provisions of Section 73 to 76 of the Act and the rules framed thereunder.

(vi) The Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Act, for any of the services rendered by the Company.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted / accrued in the books of account in respect of undisputed statutory dues including Provident fund, Employees’ state insurance, Income tax, Sales tax, Service tax, Duty of customs, Value added tax and other material statutory dues have generally been regularly deposited during the year by the Company with the appropriate authorities except for few instances relating to Service tax aggregating Rs. 46.62 lakhs wherein there have been delays ranging from 31 to 92 days. As explained to us, the Company did not have any dues on account of Duty of excise.

According to the information and explanations given to us, no undisputed amounts payable in respect of Provident fund, Employees’ state insurance, Income tax, Sales tax, Service tax, Duty of customs, Value added tax and other material statutory dues were in arrears as at 31 March 2017, for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues of Income tax, Service tax, Sales tax, Duty of customs and Value added tax which have not been deposited by the Company with appropriate authorities on account of any disputes except for the following:

Name of the statute

Nature of dues

Amount (Rs. lakhs)

Amount paid under protest (Rs. lakhs)

Period to which the amount relates

Forum where dispute is pending

Income Tax Act, 1961

Income Tax -TDS Demands

6.24

-

2007-17

Assessing Officer of Income Tax, Pune

Income Tax Act, 1961

Income Tax -Disallowances

117.43

117.43

2012-13

Commissioner of Income Tax Appeals, Pune

Gujarat Value Added Tax Act, 2003

Sales tax demand on crane hiring services

124.75

-

June 2008 to March 2009

Gujarat Value Added Tax Tribunal

Maharashtra Value Added Tax Act, 2002

Sales tax demand on crane hiring services

582.31

15.00

April 2009 to March 2010

Joint Commissioner Sales Tax Appeals, Pune

Maharashtra Value Added Tax Act, 2002

Sales tax demand on crane hiring services

915.97

30.79

April 2008 to March 2009

Sales Tax Tribunal, Mumbai

Central Sales Tax Act, 1956

Sales tax demand on crane hiring services

11,110.47

373.34

April 2008 to March 2009

Sales Tax Tribunal, Mumbai

The Finance Act, 1994

Service tax on services to SEZ units

261.20

19.59

2009-2012

Customs, Excise & Service Tax Appellate Tribunal, Mumbai

Maharashtra Value Added Tax Act, 2002

Sales tax demand on crane hiring services

1,120.38

-

April 2007 to March 2008

Joint Commissioner of Sales Tax, Pune

Central Sales Tax Act, 1956

Sales tax demand on crane hiring services

6,417.80

-

April 2007 to March 2008

Joint Commissioner of Sales Tax, Pune

Central Sales Tax Act, 1956

Sales tax demand on crane hiring services

7,738.16

-

April 2010 to March 2011

Joint Commissioner of Sales Tax, Pune

Maharashtra Value Added Tax Act, 2002

Sales tax demand on crane hiring services

1,136.84

-

April 2010 to March 2011

Joint Commissioner of Sales Tax, Pune

(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to the banks. The Company did not have any loan or borrowings from financial institutions, government or any debentures outstanding during the year.

(ix) In our opinion and according to the information and explanations given to us, the term loans taken by the Company have been applied for the purpose for which they were raised. The Company had not raised money by way of further public offer (including debt instruments) during the year.

(x) According to the information and explanations given to us, no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.

(xi) According to the information and explanations given to us, the managerial remuneration is paid or provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company as per the Act. Accordingly, paragraph 3(xii) of the Order is not applicable to the Company.

(xiii) In our opinion and according to the information and explanations given to us, all transactions with related parties are in compliance with Section 177 and 188 of the Act and the details, as required by the applicable accounting standards have been disclosed in the Ind AS financial statements.

(xiv) According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partially convertible debentures during the year.

(xv) According to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with them during the year. Accordingly, paragraph 3(xv) of the Order is not applicable to the Company.

(xvi) In our opinion and according to the information and explanations given to us, the Company is not required to register under Section 45-IA of the Reserve Bank of India Act, 1934.

For BSR& Co. LLP

Chartered Accountants

Firm Registration No: 101248W/W-100022

Vijay Mathur

Partner

Membership No.: 046476

Place : Mumbai

Date : 30May2017

Source :
Quick Links for sanghvimovers
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.